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Equity (Tables) | 9 Months Ended
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Sep. 30, 2017
Equity |
Schedule of equity | Equity activity was as follows (in thousands):
|  | Total |
|  | Equity |
Balance at December 31, 2016 |  | $ | 740,048 |
Net income |  |  | 67,506 |
Proceeds from common stock issued, net of issuance costs |  |  | 14,529 |
Stock-based compensation expense |  |  | 3,967 |
Performance based stock units |  |  | (6) |
Stock option exercise |  |  | 202 |
Common stock dividends |  |  | (67,664) |
Other |  |  | (1,947) |
Balance at September 30, 2017 |  | $ | 756,635 |
Schedule of cash dividends declared and paid | We declared and paid the following cash dividends (in thousands):
|  | Nine Months Ended |  |
|  | September 30, 2017 |  | September 30, 2016 |  |
|  | Declared |  | Paid |  | Declared |  | Paid |  |
Common Stock |  | $ | 67,664 | (1) | $ | 67,664 | (1) | $ | 62,211 | (2) | $ | 62,211 | (2) |
| (1) |  | Represents $0.19 per share per month for the nine months ended September 30, 2017.
| (2) |  | Represents $0.18 per share per month for the nine months ended September 30, 2016.
Schedule of options exercised |
|  |  |  | Weighted |  |  |  |  |  |  |
|  |  |  | Average |  |  |  |  |  |  |
|  | Options |  | Exercise |  | Option |  | Market |
|  | Exercised |  | Price |  | Value |  | Value(1) |
2017 |  | 8,334 |  | $ | 24.31 |  | $ | 202,566 |  | $ | 410,797 |
2016 |  | 6,667 |  | $ | 23.79 |  | $ | 159,000 |  | $ | 311,000 |
| (1) |  | As of exercise date.
Schedule of restricted stock granted |
|  | No. of |  | Price per |  |  |
Year |  | Shares/Units |  | Share |  | Vesting Period |
2017 |  | 74,760 |  | $ | 45.76 |  | ratably over 3 years |
|  | 57,881 |  | $ | 45.76 |  | TSR targets (1) |
|  | 7,416 |  | $ | 48.55 |  | June 1, 2018 |
|  | 3,000 |  | $ | 50.50 |  | ratably over 3 years |
|  | 143,057 |  |  |  |  |  |
2016 |  | 65,300 |  | $ | 43.24 |  | ratably over 3 years |
|  | 54,107 |  | $ | 46.87 |  | TSR targets (2) |
|  | 7,680 |  | $ | 46.87 |  | June 1, 2017 |
|  | 127,087 |  |  |  |  |  |
| (1) |  | Vesting is based on achieving certain total shareholder return (or TSR) targets in 4 years with acceleration opportunity in 3 years.
| (2) |  | Vesting is based on achieving certain TSR targets in 3.7 years with acceleration opportunity in 2.7 years.
Schedule of unrecognized compensation |
|  | Remaining
|  | Compensation
Vesting Date |  | Expense
2017 |  | $ | 1,282,000
2018 |  |  | 3,947,000
2019 |  |  | 2,149,000
2020 |  |  | 259,000
|  | $ | 7,637,000

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